The most conspicuous colour in the bridge's paint scheme is red, the same colour as the leather benches in the House of Lords which is at the southern end of the Palace of Westminster nearest the bridge. This is in contrast to Westminster Bridge which is predominantly green, the same colour as the benches in the House of Commons at the northern end of the Houses of Parliament.

The first modern bridge was a suspension bridge, 828 feet (252.4 m) long, designed by Peter W. Barlow. Sanctioned by an Act of Parliament in 1860, it opened as a toll bridge in 1862 but doubts about its safety, coupled with its awkwardly steep approaches deterring horse-drawn traffic, meant it soon became used almost solely as a pedestrian crossing. It ceased to be a toll bridge in 1879 when the Metropolitan Board of Works assumed responsibility for its upkeep — it was by then severely corroded, and by 1910 it was closed to vehicular traffic.

The London County Council prepared a masterplan for the area, including a replacement road bridge linking to a widened Horseferry Road, which was authorised by London County Council (Lambeth Bridge) Act 1924. Before work had started on the project, the 1928 Thames flood caused extensive destruction of property in the Millbank area. Following the flood the Chelsea Embankment was rebuilt and raised, resulting in some minor redesign of the approaches, and creating the open space to the south of Lambeth Bridge now known as Victoria Tower Gardens South. During the period of delay, the bridge was also redesigned to be able to cope with a higher weight of motorised traffic.

The bridge was declared a Grade II listed structure in 2008, providing protection to preserve its special character from unsympathetic development.[6] The listing designation includes the parapets, lamps, obelisks and the approach walls.